ATLANTA, Feb. 3, 2022 /PRNewswire/ — Ledgible, the leading professional-first platform for tax and accounting of crypto assets, announced upcoming reporting options for staking rewards in light of the recent announcement concerning the lawsuit against the IRS over staking rewards, released by the Proof of Stake Alliance (POSA).
"As there still remains differing positions around how staking rewards are taxed, Ledgible wants to ensure our users are fully supported in how they decide to report staking activity to the IRS," said Kell Canty, CEO of Ledgible. "This new change will allow tax filers and professionals the ability to toggle staking rewards income reporting as treatment evolves."
Near the end of last year, Proof of Stake (PoS) tokens represented 30% of the total crypto market. If Ethereum completes its move to Proof of Stake, PoS chains would be near half of the crypto market cap. As crypto staking continues to expand in use-cases and functionality, Ledgible has devoted its development resources to fully supporting the crypto space and any changes it might bring to how crypto users and traders might need to file taxes.
As noted from the release from the POSA, and as part of ongoing federal litigation (Jarrett v. United States, No. 3:21-cv-00419 (M.D. Tenn.)), the IRS backing down from taxing staking rewards on their creation is significant and stands in contrast to how the IRS has historically discussed taxation on cryptocurrencies.
The Ledgible Crypto Tax & Accounting Platform is the leading professional-first tax and accounting solution for crypto assets. Ledgible ingests the complexities of the cryptocurrency space, translating them into traditional financial tax and accounting platforms, making crypto legible for tax professionals and consumers alike.
Ledgible is an AICPA SOC 1 & 2 assured tax reporting and portfolio tracking platform for crypto assets for professionals, enterprises, and consumers. The Ledgible Crypto Platform is the proven crypto asset solution for tax and accounting professionals with leading accounting firms, institutions, and major crypto companies globally. Ledgible Crypto Tax Pro is used by thousands of firms to make tax reporting easy for their professionals and clients. For more information, visit ledgible.io.